Citi says economy on recovery path

Citi Africa Economist, David Cowan, has told clients that following a difficult two years in Nigeria, there are now signs that the economy is starting the slow path to recovery.

Speaking when Citi hosted a Direct Custody and Clearing (DCC) seminar that brought together market regulators, asset management financial services and advisory sector, legal services, custodians, he said the economic recovery could still be constrained by political developments. He asked: “Where does Nigeria go from here?”

The event provided opportunity for experts to discuss and explore the Nigerian asset custody ecosystem against global developments, and identify opportunities for success transfer to help meet the needs of investors in the Nigerian capital market sector.

In his keynote address, CEO Citi Nigeria, Mr Akin Dawodu, highlighted the firmi’s strengths in the market, including technologically driven solutions designed to meet clients’ needs, in addition to it’s standard that is guaranteed in all markets across the globe.

Other notable speakers were Mr. Efiok E. Efiok, Head, Investment Management Department at the Securities and Exchange Commission (SEC) who gave a presentation on ‘Asset Segregation: A Regulator’s Perspective’.

Citi’s DCC business provides securities settlement, clearing and asset servicing solutions globally to broker dealers, custodian banks and infrastructure such as central securities depositories (CSDs), international central securities depositories (ICSDs) and central counterparties as well as services to select institutional investors, including corporations, financial institutions and public sector entities in over 60 markets around the world.